The price of Brent crude oil has fallen below 90 dollars per barrel for the first time since August 31, following easing concerns over a possible escalation of the conflict in the Middle East.
Gatekeepers News reports that the global oil benchmark dropped to 89.70 dollars per barrel in early trading on Tuesday, November 10, 2026, while the United States benchmark, West Texas Intermediate (WTI), also declined to below 85 dollars per barrel.
The development followed comments by US President Donald Trump suggesting that further military strikes against Iran might not be necessary and that the conflict could end soon.
Trump made the remarks on Monday after meeting with Qatar’s Prime Minister, Sheikh Mohammed bin Abdulrahman Al Thani, at the White House.
The comments raised hopes of a diplomatic resolution to the conflict, easing fears of prolonged disruptions to crude oil supplies from the Middle East.
Brent crude had also recorded a decline of about 5.85 per cent in the previous trading session, extending losses from the previous week as investors reacted to developments surrounding the conflict.
Market analysts attributed the decline to expectations that a diplomatic agreement could restore normal oil supplies through the Strait of Hormuz, a major global shipping route for crude oil.
However, uncertainty remains over the outcome of negotiations between Washington and Tehran, while attacks on energy infrastructure in the region continue to pose risks to global supplies.
The decline in international crude prices is being closely watched in Nigeria, where the Federal Competition and Consumer Protection Commission has pledged to monitor petrol prices and ensure that consumers benefit from falling global oil costs.
